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RESOLUTION NO. 1760 <br />CITY OF MOUNDS VIEW <br />7 COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />WHEREAS, the City's auditor's have indicated, in a Special <br />Assessment Debt Service Study dated December 31, 1982, that the <br />1981 Improvement Bone Debt Service Fund may experience temporary <br />cash deficits from 1985-1991 as a result of a mismatch between <br />scheduled special assessment collections and debt service <br />payments; and <br />WHEREAS, these temporary cash deficits are estimated to <br />total $231,700; and <br />WHEREAS, the prepayments of special assessments levied to <br />retire the bonds may eliminate these anticipated cash deficits; <br />and <br />WHEREAS, the Council desires to provide a means by which <br />scheduleda debt service payments of the 1981 Improvement Bonds• <br />Fund may be assured should sufficient prepayments of special <br />assessments not be received to eliminate anticipated cash <br />deficits; <br />NOW, THEREFORE, BE IT RESOLVED by the Council that it is <br />the intent of the C^until to use funds of the Silver Lake Woods <br />Construction Fund to make a loan or loans to the Improvement <br />Bonds of 1981 Fund in order that the Fund may be able to make <br />scheduled debt service payments if it, in fact, experiences <br />temporary cash deficits; <br />BE IT FURTHER RESOLVED, that the Council shall annually <br />review, the amount of the reserve for debt service as part of the <br />budget preparation process; <br />BE IT FURTHER RESOLVED, by the Council that $176,000 of <br />the fund balance of the Silver Lake Woods Construction Fund be <br />designated as a Reserve for Debt Service. <br />ATTEST: <br />(SEAL) <br />Adopted this 9th day of July, 1984. <br />Mayor <br />Clerk -Administrator <br />